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Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs FINANSIJSKA OCENA
Finansijska ocena pokazuje poslovanje preduzeća u protekloj godini, a izračunava se jednom godišnje. Moguće ocene su označene slovima od A do E, pri čemu A predstavlja najbolju bonitetnu ocenu, a slovo E najlošiju bonitetn ocenu.
Grafikon 1: Podela populacije prema bonitetnoj oceni za 2010. godinu

Postupak dodele finansijske ocene temelji se na razvrstavanju preduzeća unutar pojedinačnih kategorija. Pojedinačno preduzeće se u sklopu prvog koraka razvrstava u jednu od deset kategorija prema kriterijumu vrednosti sredstava i jednu od deset kategorija prema kriterijumu ukupnih prihoda, gde kategorija 1 uključuje najmanje kompanije, a kategorija 10 najveće kompanije.
U sledećem koraku se kompanije razvrstavaju prema individualnim finans ijskim pokazateljima. U daljoj klasifikaciji se koristi pet finansijskih indikatora, pri čemu se krajnji kreditni rejting formira na bazi klasifikacije pojedinačnih preduzeća mađu kompanijama u odgovarajućoj kategoriji, a na osnovu pojedinačnih pokazatelja . Kod svakog pojedinačnog pokazatelja se upotrebi samo jedan od dva moguća razvrstavanja iz prvog koraka, dakle razvrstavanje na osnovu veličine preduzeća ili razvrstavanje na osnovu ukupnih prihoda.
Izbor finansijskih pokazatelja je ograničen na 5 najreprezentativnijih pokazatelja, koje poslovna i stručna javnost u praksi najčešće koristi. Svako preduzeće mora biti solventno kako bi opstalo i razvijalo se, pa su zato pokazatelji podeljeni na pokazatelje likvidnosti i pokazatelje uspešnosti.
Subjekti kod kojih se pojedinačni finansijski pokazatelj ne može izračunati nemaju prikazanu finansijsku ocenu. Uzroci mogu biti nedostatak finansijskih podataka ili neadekvatne vrednosti određenih finansijskih stavki.

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Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs POKAZATELJI LIKVIDNOSTI
Udeo obaveza u finansiranju
Formula:

DDVF  100 *

01002
010

Opis:
[01002] – Dugoročna rezervisanja i obaveze
[010] – Ukupno pasiva
Definicija:
Udeo obaveza u finansiranju ukazuje na količinu sredstava koja se finansiraju iz tuđeg kapitala. Što je vrednost pokazatelja viša, to se preduzeće u većoj meri finansira iz tuđih izvora (kratkoročne i dugoročne obaveze). Viša vrednost pokazatelja predstavlja viši rizik za poverioce.
Finansiranje iz tuđih izvora je po pravilu jeftiniji oblik finansiranja od finansiranja iz sopstvenih izvora. Za vlasnike je bolje da se preduzeće finansira iz tuđih izvora obzirom da se na taj način po pravilu povećava profitabilnost preduzeća. Zaduživanje iz tuđih izvora po pravilu donosi višu profitabilnost, ali prekomerno zaduživanje može dovesti do platne nesposobnosti. Iako su tuđi izvori obično jeftiniji finansijski oblik, iz perspektive poverioca predstavljaju veći rizik.
Preduzeće može podneti visoko zaduživanje pod uslovom da je porast poslovanja zadovoljavajući za pokrivanje tereta finansiranja iz tuđih izvora i za tekuće troškove. U suprotnom rizik raste, a posledica može biti problem insolventnosti. Pokazatelj je odabran kao predstavnik pokazatelja dugoročne solventnosti.
Dugoročna solventnost je od presudnog značaja za dugoročni opstanak i poslovanje preduzeća. Struktura obaveza prema izvoru sredstava od odlučujuće je važnosti za dugoročno preživljavanje preduzeća.
Karakteristike pokazatelja:
 Što je vrednost pokazatelja viša, rizik za poverioca je veći. Ako preduzeće poseduje visoku vrednost tog pokazatelja, to znači da svoje poslovanje finansira iz tuđih izvora. Na primer: ako vrednost pokazatelja iznosi 0,6 to znači da preduzeće
60 posto svih sredstava finansira iz tuđih izvora.
 Vrednost iznad 1 znači da preduzeće sva sredstva finansira iz tuđi h izvora. Što znači da preduzeće posluje s negativnim kapitalom, preduzeće je potkapitalizovano.  Preduzeća koja imaju vrednost pokazatelja ispod 1 imaju obično pozitivan kapital.
Može se dogoditi da i ta preduzeća beleže negativni kapital, ali to isključiv o u slučajevima kada imaju visok udeo rezervacija ili pasivnog vremenskog razgraničenja u sredstvima.
 Preduzeća koja imaju vrednost 1 obično imaju kapital jednak nuli.
 Preduzeća koja posluju u delatnostima u kojima je obrt sredstava brži lakše podnose teret više vrednosti tog pokazatelja.
 Pokazatelj se ne može izračunati u slučaju kada se u imeniocu nalazi vrednost nula. To znači da preduzeće posluje bez sredstava.
 Pokazatelj ima vrednost nula u slučaju kada se u brojiocu nalazi vrednost nula. To znači da preduzeće posluje bez obaveza.

2

Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs Pokazatelj kratkoročne solventnosti
Formula:

PS 

00102

0100203

Opis:
[00102] – Obrtna imovina
[0100203] – Kratkoročne obaveze
Definicija:
Pokazatelj kratkoročne solventnosti nam govori o tome u kojoj meri kratkoročna sredstva pokrivaju kratkoročne obaveze. Taj pokazatelj nam ne omogućuje procenu solventnosti preduzeća, već pokazuje faktore koji mogu uticati na nju.
Viša vrednost pokazatelja znači da će preduzeće lakše podmiriti tekuće obaveze. Vrednost pokazatelja se umanjuje ako tekuće obaveze rastu brže od kratkoročnih sredstava, što u budućnosti može uticati na porast rizika od insolventnosti. Vrednost pokazatelja se može umanjiti ako usledi poništenje neke stavke u kratkoročnim sredstvima (otpis loših potraživanja ili smanjivanje zaliha) ili ako preduzeću iznenadno narastu kratkoročne obaveze (preduzeće je u finansijskim poteškoćama te stoga uzima nove kratkoročne zajmove).
U praksi važi pravilo da minimalna razmera koja garantuje određenu sigurnost propisuje da kratkoročna sredstva moraju biti dvostruko veća od kratkoročnih obaveza. Ako su vrednosti pokazatelja previsoke možemo zaključiti da preduzeće neefikasno koristi kapital. To znači da preduzeće ima previsoku količinu zaliha za potrebe tržišta ili u prevelikoj meri kreditira kupce.
Pokazatelj smo odabrali kao predstavnika kratkoročne solventnosti.
Kratkoročna solventnost pokazuje sposobnost preduzeća da u kratkom roku raspolaže dovoljnom količinom likvidnih sredstava za pokrivanje dospelih obaveza
Karakteristike pokazatelja:
 Za poverioca je bolje da je vrednost pokazatelja što viša. U tom slučaju kratkoročna sredstva pokrivaju kratkoročne obaveze. Problematična je činjenica, što kratkoročna sredstva i kratkoročne obaveze nemaju jednaku ročnost.
 Previsoka vrednost pokazatelja nas upozorava na to da kapital nije najbolje iskorišćen, obzirom da preduzeće ima previsoku vrednost zaliha ili u prevelikoj meri finansira kupce. Pretpostavljamo da se preduzeće suočava s problemom marketinga za vlastiti proizvod ili uslu gu, što dugoročno može dovesti do platne nesposobnosti radi pada poslovnih prihoda.
 Pokazatelj je uvek pozitivan i nema gornju granicu.
 Uobičajena vrednost pokazatelja iznosi oko 1,5 do 2, zavisno od delatnosti i pojedinačne ekonomije.
 Ako je vrednost pokazatelja manja od 1, to znači da preduzeće poseduje nižu vrednost kratkoročnih sredstava od kratkoročnih obaveza. Ako je pokazatelj viši od 1, kratkoročna sredstva su viša od kratkoročnih obaveza.
 Preduzeća koja posluju s nižom vrednosti kratkoročnih sredst ava imaće nižu vrednost tog pokazatelja. Preduzeća koja posluju s niskom vrednosti zaliha ili u

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Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs 





poslovanju koriste tzv. strategiju „just in time“, imaće nižu vrednost tog pokazatelja. Preduzeća koja u svom poslovanju nemaju običaj finansirati kupce takođe će imati nižu vrednost tog pokazatelja.
Preduzeća koja posluju s niskom vrednosti kratkoročnih obaveza obično imaju visoku vrednost tog pokazatelja.
Preduzeća sa visokom vrednosti tog pokazatelja i visokom vrednosti udela duga u finansiraju su više zadužena dugoročno nego kratkoročno.
Ako imaju visoku vriednost pokazatelja platne sposobnosti i nisku vrednost udela duga u finansiraju, znači da koriste relativno malo tuđih izvora za finansiranje vlastitog poslovanja.
Pokazatelj se ne može izračunati u slučaju kada se u imeniocu nalazi vrednost nula. To znači da preduzeće posluje bez kratkoročnih obaveza.
Pokazatelj ima vrednost nula kada se u brojiocu nalazi vrednost nula. To znači da preduzeća posluju bez kratkoročnih sredstava

Servisiranje duga
Formula:

SD 

00201  00202  00203  0020103  0020104  02001  02002  02003  0200104
02001  02002  02003

Opis:
[00201] – Prihodi od prodaje
[00202] – Financijski prihodi
[00203] – Ostali prihodi
[0020103] – Povećanje vrijednosti zaliha učinaka
[0020104] – Smanjenje vrijednosti zaliha učinaka
[02001] – Poslovni rashodi
[02002] – Financijski rashodi
[02003] – Ostali rashodi
[0200104] – Troškovi amortizacije i rezervisanja
Definicija:
Kratkoročna solventnost znači da je preduzeće likvidno. Najbolji pokazatelj kratkoročne platne sposobnosti je ažuran prikaz novčanih tokova, ali taj podatak je teško dostupan spoljnim korisnicima. Stoga smo koristili skraćenu verziju novčanog toka. Mnogi analitičari koriste sumu poslovnog rezultata i amortizacije kao brzi pokazatelj vrednosti novčanog toka u obračunskom periodu.
Novčani tok koji smatramo pri hodom koristi se za pokrivanje dospelih obaveza. Dospele obaveze predstavljaju izdaci. Tačna vrednost izdataka za pojedinačno preduzeće je podatak koji je nedostupan vanjskom korisniku. Stoga smo poistovetili, izdatke s rashodima, iako smo svesni toga da s vaki izdatak nije ujedno i rashod te da svaki rashod nije ujedno i izdatak.
Pokazatelj servisiranja duga sastoji se od novčanog toka u brojiocu te celokupnih rashoda u imeniocu. Viša vrednost pokazatelja znači da novčani tok u većoj meri pokriva rashode. Za samo preduzeće je to dobro jer će se u tom slučaju manje zaduživati radi pokrivanja tekućih obaveza.

4

Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs Karakteristike pokazatelja:
 Bolje je što je vrednost pokazatelja veća. U tom slučaju novčani tok ostvaren u obračunskom periodu u većoj meri pokriva rashode.
 Ako je vrednost pokazatelja negativna znači da preduzeće posluje s negativnim novčanim tokom – zbir poslovnog rezultata i amortizacije je negativan.
 Ako je vrednost pokazatelja manja od 1, znači da preduzeće posluje s nižom vrednosti ostvarenog novčanog toka u poređenju sa rashodima. Ako je pokazatelj veći od 1 ostvareni novčani tok je veći od celokupnih rashoda.
 Preduzeća koja se bave delatnošću koja u poslovanju ne ostvaruje visoke rashode imaće višu vrednost tog pokazatelja od preduzeća koja se bave delatnošću koja u poslovanju ostvaruje visoke rashode (troškovi materijala).
 Pokazatelj se ne može izračunati u slučaju kada se u imeniocu nalazi vrednost nula. To znači da preduzeća posluju bez celokupnih rashoda. U tom slučaju smo postavili hipotezu da se preduzeće nalazi u stanju mirovanja.
 Pokazatelj ima vrednost nula u slučaju kada se u brojiocu javlja vrednost nula. To znači da preduzeća ne ostvaruju novčani tok.

Kreditna izloženost iz poslovanja
Formula:

KI 

001020301
00201

Opis:
[001020301] –Potraživanja
[00201] – Prihodi iz poslovanja
Definicija:
Indikator meri odnos nenaplaćenih potraživanja i poslovnih prihoda poslednjeg radnog dana u izabranoj poslovnoj godini. Ovaj odnos ilusturje kreditni rizik subjekta iz poslovanja i spada u grupu pokazatelja koji mere likvidnost poslovnog subjekta. U slučaju većeg udela nenaplativih potraživanja kompanija može ući u probleme likvidnosti, a posledice mogu da povećaju kraktoročno zaduživanje preduzeća ili u najgorem slučaju preduzeće odlazi u stečaj ili likvidaciju.
Osobine indikatora:
 Veća vrednost pokazatelja pokazuje veći udeo nenaplaćenih potraživanja preduzeća. Veliki udeo nanaplaćenih potraživanja preduzeća znači veću kreditnu izloženost prema svojim klijentima.
 Indikator meri samo kreditnu izl oženost iz poslovanja i ne uključuju kreditnu izloženost iz datih pozajmica. Najbolje bi bilo da je ta vrsta izloženosti kratkoročnog karaktera.
 Vrednost indikatora takođe zavisi od grane delatnosti u kojoj preduzeće posluje. U određenim sektorima normalna su odložena plaćanja po više meseci, pa to ima uticaj na visinu pokazatelja, jer se povećanjem odlaganja plaćanja povećava udeo nenaplaćenih potraživanja.
 Pored delatnosti pokazatelj takođe zavisi od veličine preduzeća, kao i kreditne politike kompanije.

5

Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs POKAZATELJI USPEŠNOSTI
Stopa povrata imovine
Formula:

ROA  200 *

0300501  0300502
001  001P

Opis:
[0300501] – Neto dobitak
[0300502] – Neto gubitak
[001], [001P] – Ukupna aktiva (prethodne godine)
Definicija:
Stopa povrata imovine pokazuje uspešnost upotrebe sreds tava preduzeća.
Poverilac može na osnovu pokazatelja odrediti kako preduzeće posluje. Na vrednost pokazatelja treba biti obazriv jer je neto dobitak obračunskog perioda često podređen kreativnom računovodstvu.
Na preduzeća sa veoma visokom stopom povrata imovine i istovremeno visokom vrednošću pokazatelja Udeo obaveza u finansiranju poverilac mora biti obazriv jer preduzeće povećava uspešnost na račun zaduživanja. Ukoliko preduzeće ne poveća ili barem ne održi jednak nivo prihoda to povećava verovatnoću njegove platne nesposobnosti.
Karakteristike pokazatelja:
 Što je vrednost veća, to je preduzeće profitabilnije i efikasnije upotrebljava vlastita sredstva.
 Delatnosti koje posluju s nižom vrednošću sredstava, imaće veću vrednost ovog pokazatelja. Primer su uslužne delatnosti.
 Ako je vrednost pokazatelja negativna, to znači da preduzeće posluje negativno.
 Ako vrednost pokazatelja iznosi 1 ili više, to znači da preduzeće obično posluje s niskom vrednošću sredstava i da posluje sa dobitkom, čija je vredno st jednaka ili veća od zabeleženih sredstava. Takvu vrednost kod ovog pokazatelja obično imaju preduzeća koja rade u delatnosti u kojoj nije potrebno puno sredstava za poslovanje. Primer je tzv. nova ekonomija ili uslužne delatnosti.
 Pokazatelj se ne izračunava u primeru kada je u imeniocu vrednost nula. To znači da preduzeće posluje bez sredstava.
 Pokazatelj ima vrednost nula u slučaju kada je u brojiocu vrednost nula. To znači da preduzeće iskazuje dobit u vrednosti nula.

6

Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs Produktivnost ukupne imovine
Formula:

KOS  2 *

00201  00202  00203
001  001P

Opis:
[00201] – Poslovni prihodi
[00202] – Financijski prihodi
[00203] – Ostali prihodi
[001], [001P] – Ukupna aktiva (prethodne godine)
Definicija:
Pokazatelj meri udeo ukupnih prihoda u sredstvima. Može spadati u pokazatelje obrta ako bi dobijenu vrednost podelili sa brojem dana u godini. Tako dobijena vrednost bi nam govorila koliko puta se sredstva okrenu u godinu dana.
Stoga možemo ovaj pokazatelj definisati kao pokazatelj profitabilnosti ili uspešnosti. Pokazatelj je namenjen i vlasnicima i poveriocima.
Pomoću ovog pokazatelja poverioci mogu videti koliko ukupnih prihoda pojedino preduzeće ostvari na dan sredstva. Što je vrednost pokazatelja veća, to preduzeće uspešnije posluje i ima kraći poslovni obrtaj. Što j e poslovni obrt kraći, preduzeće je likvidnije pa je manja verojatnoća da bi preduzeće moglo imati problema s likvidnošću. Kraći poslovni obrt znači da sredstvima treba manje vremena za prelaz iz nelikvidnog u likvidno stanje.
Preduzeća koja imaju visoku vrednost pokazatelja - udeo duga u finansiranju i nisku vrednost pokazatelja - koeficijent obrta sredstava, imaju veću verovatnoću da postanu platno nesposobna.
Ovaj je pokazatelj odabran s namenom da pokaže uspešnost poslovanja preduzeća s obzirom na cel okupno poslovanje. Profitabilnost poslovnih sredstava pokazuje samo kolika je uspešnost poslovanja od glavne poslovne delatnosti bez finansiranja. Preduzeće s visokom stopom poslovne profitabilnosti od poslovanja i niskom vrednošću pokazatelja – koeficijent obrta sredstava, ima probleme s finansiranjem (visoke finansijske izdatke) samog sebe ili je zabeležilo nepredvidivi događaj (izvanredni izdaci).
Karakteristike pokazatelja:
 Što je pokazatelj veći, to je bolje za preduzeće, a veći udeo celokupnih prihod a pokrivaju celokupna sredstva.
 Pokazatelj je uvek pozitivan jer celokupni prihodi i sredstva ne mogu nikada biti negativni.  Ako je vrednost pokazatelja veća ili jednaka 1, znači da su celokupni prihodi veći ili jednaki vrednosti celokupnih sredstava, što pokazuje da se sredstva brže okreću te da preduzeće ima kraći poslovni obrtaj.
 Pokazatelj se ne može izračunati u slučaju kada se u imeniocu javlja vrednost nula. To znači da preduzeće posluje bez sredstava.
 Pokazatelj ima vrednost nula kada se u brojiocu javlja vrednost nula. U tom slučaju preduzeće posluje bez celokupnih prihoda. Preduzeća koja posluju bez celokupnih prihoda tretiramo kao da se nalaze u stanju mirovanja, odnosno da ne posluju. 7

Solvent Rating d.o.o.
Milutina Milankovića 7v
11070 Novi Beograd
Srbija
T. +381 11 225 27 47
F. +381 11 311 39 74
E-pošta: info@boniteti.rs www.boniteti.rs 

Ako vrednost pokazatelja raste zahvaljujući celokupnim prihodi ma, to je dobar indikator da preduzeće povećava svoju finansijsku moć . Stabilan trend rasta prihoda garantuje da će preduzeće biti u stanju da vrati dug

Poređenje bonitetne ocene
Poređenjem bonitetnih ocena subjekata za dve uzastopne godine pokušavamo u tvrditi stabilnost modela. Bonitetna ocena bi trebala biti stabilna i ne bi smela značajno da se menja za pojedinačno preduzeće iz godine u godinu. Pomoću migracijske matrice pokušaćemo saznati u kojoj meri model zadovoljava uslov stabilnosti:
Tablica 1: migracijske matrice po godinama
Od godine 2007
Do godine 2008

A

B

C

D

E

A

56.35%

21.01%

7.73%

4.04%

2.32%

B

20.45%

35.87%

20.01%

7.80%

3.29%

C

8.95%

21.01%

34.25%

20.23%

7.00%

D

4.52%

8.71%

18.18%

35.45%

17.60%

E

2.03%

3.75%

8.10%

17.05%

43.65%

U susedne

76.80%

77.90%

72.44%

72.74%

61.24%

A

B

C

D

E

A

58.88%

22.00%

7.86%

3.43%

1.86%

B

18.91%

36.20%

20.29%

6.91%

2.62%

C

8.70%

19.39%

33.99%

19.76%

6.92%

D

4.64%

9.26%

17.37%

34.06%

15.84%

E

2.45%

5.12%

9.88%

20.60%

47.29%

U susedne

77.80%

77.59%

71.65%

74.42%

63.13%

Od godine 2008
Do godine 2009

Od godine 2009
Do godine 2010

A

B

C

D

E

A

65,40%

22,67%

9,16%

4,55%

2,08%

B

20,82%

39,64%

20,39%

8,33%

3,67%

C

7,94%

23,59%

37,61%

19,88%

8,11%

D

3,94%

9,31%

22,73%

41,00%

19,74%

E

1,91%

4,79%

10,11%

26,23%

66,40%

U susedne

86,22%

85,91%

80,72%

87,11%

86,14%

Očigledno je da se većina prelaza (u slučaju promena) odvija u susednim bonitetnim razredima. 8

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